SunTrust Bank Building

An office building in Charlotte’s Arboretum area was recently sold for $5.4 million.

The SunTrust Bank Building, at 3315 Springbank Lane, was acquired by Family Video Employees LLC in a deal that closed July 29. The 25,500-square-foot structure, anchored by SunTrust (NYSE: STI), is within the Belle Grove Office Park near the intersection of Highway 51 and Providence Road.

Bart Murr and Jay Blanton at Insite Properties represented the buyer, an entity connected to Family Video’s real estate division, Legacy Commercial Property, in Glenview, Ill. Rob Cochran and Jared Londry at Cushman & Wakefield represented the seller, Charlotte-based Grubb Properties.

The three-story building, built in 2000, is about 85% occupied. Insite Properties will provide property management and leasing services for the building.

“The SunTrust Bank Building is an excellent representation of what many investors are seeking in today’s market — quality and stability.” Londry said in a statement. “Investors were attracted to the historic consistency of demand in the submarket and the long-term prospects to continue that trend.”

Legacy Commercial Property owns real estate throughout North Carolina, including in Lexington, Winston-Salem, Shelby, Mooresville, Concord and Hickory, primarily in the form of Family Video stores. It owns more than 800 properties across 19 states.